The Bombay Stock Exchange Sensex today failed to sustain initial gains and ended over 195 points down on selling by foreign funds and retail investors at higher levels.

The Bombay Stock Exchange Sensex today failed to sustain initial gains and ended over 195 points down on selling by foreign funds and retail investors at higher levels.

The 30-share index, which gained 146.51 points in early trading, fell to close 195.67 points down at 14,326.22 points after stocks of the oil and gas, metal and power sectors retreated.

In a similar manner, the 50-share National Stock Exchange index Nifty fell by 78.35 points at 4,235.25, after touching an intra-day high of 4,352.25 and low of 4,221.90.

Stockbrokers said foreign funds, which were buyers in heavyweight stocks at the outset, turned sellers following a weak opening on the European stock markets.

The oil and gas index, among sectoral indices, suffered the most with a fall of 3.33 per cent to 9,074.74 points as Reliance Industries, with the highest weight in the Sensex, plunged 4.27 per cent to Rs 1,952.45, Reliance Petroleum 4.30 per cent to Rs 121.30, and Reliance Natural Resources Ltd by 4.70 per cent to Rs 88.15.